Textbook Publisher Cengage Enters Ch. 11 In NY

By Maria Chutchian

Law360, New York (July 02, 2013, 5:05 PM ET) -- Cengage Learning Inc., a textbook publishing company based in Stamford, Conn., on Tuesday entered Chapter 11 bankruptcy in New York in an effort to complete a restructuring agreement with lenders that will eliminate about $4 billion of its $5.8 billion in debt.

The company, which sought bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York, says it reached the agreement with an ad hoc committee of first-lien lenders that hold approximately $2 billion of its first-lien debt. Because it expects to...